Pro forma income statement The marketing department of Metroline Manufacturing estimates that its sales next year will be $1.59 million. Interest expense is expected to remain unchanged at $35,000, and the firm plans to pay $72,000 in cash dividends. Metroline Manufacturing's income statement for the previous year is given, along with a breakdown of the firm's cost of goods sold and operating expenses into their fixed and variable components. a. Use the percent-of-sales method to prepare a pro forma income statement for next year. b. Use fixed and variable cost data to develop a pro forma income statement for next year. c. Compare and contrast the statements developed in parts a. and b. Which statement probably provides the better estimate of income? Explain why. Complete the pro forma income statement for the year ended December 31, 2020 below: (Round the percentage of sales to four decimal places and the pro forma income statement amounts to the nearest dollar.)